what is meant by Economics?
Answers
Answer:
the branch of knowledge concerned with the production, consumption and transfer of weath
Answer:
Economics;
is that branch of social science which studies how to make prudent use if scarce resources having alternative uses so as to derive maximum satisfaction.
OR
Economics, is a study of production, consumption and distribution. Its a study of economics activities, where one can fulfill their unlimited wants through limited resources.
OR
Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.
Explanation:
Economics is a social science concerned with the production, consumption of goods and services, distribution.
It studies how individuals, firms, business, governments and nations make choices on allocating resources to satisfy their wants and needs and tries
to determine how these groups should organize and co ordinate efforts to achieve maximum outputs.
FATHER OF ECONOMICS;
Adam smith is the father of economics.
TYPES OF ECONOMICS:
MICRO ECONOMICS: It focus on how individual consumers and producers make their decisions.
MACRO ECONOMICS: It tells about the whole economy, a country, a reign, a continent, or even the whole world.
It focus on national income, GNP, GDP, ETC.
Theories
There are many theories , we study in Economics, such as Law of Demand and Supply, Price Mechanism, Employment theory. It tells us how Market works,
Types of Market: Perfect competition, imperfect, Monopoly, Duopoly, oligopoly, Monopolistic competition.